Samsung to invest US$7bn in green energy industrial park

Samsung Group in South Korea is set to invest 7.6trn won (US$7bn) to build the first stage of a green energy industrial park from 2021 on reclaimed wetland in Saemangeum, South Korea, according to a statement released by the company today.

Samsung will invest the 7.6trn won in building a factory park in Saemangeum that will include a wind power generator and a production base for solar batteries plus energy storage systems.

Samsung has signed a memorandum of understanding with the South Korea government to build the green energy hub on the west coastal tidal flats of North Jeolla, where the government is undertaking a reclamation project.

Construction of the new eco site is expected to be completed in three stages from 2021 to 2040.